Paytm has been bombarding us with email, phone notifications and on its app’s landing page to invest in Digital Gold through the Paytm app. Though Paytm has built a strong relationship with its users and has trust among its customer base when it comes to money. But a lingering question remains when it comes to high-value assets such as gold – Is it safe to buy gold on Paytm?
Buying things online is easy and hassle-free. And so is buying gold online. But not all the platforms that allow its users to invest in gold are safe. So investors need to be careful while investing through any online platform, and they should do their due diligence before investing.
How Pure is Paytm Gold?
The gold you buy on Paytm is 24 Carat Gold, and it is 999.9 on the Purity Level. Gold bought on Paytm is an MMTC-PAMP product and it is accredited by LBMA or London Bullion Market Association. And MMTC-PAMP in India is one of the most advanced refining and minting facilities of precious metals in the world.
And MMTC-PAMP is the only facility in India that can refine Silver up to 999.9 Purity Level.
You can be sure that the gold you are going to buy on Paytm is very pure and is of International Standard.
Where does Paytm store its Gold?
The gold you have bought on Paytm is stored in an insured locker either at MMTC-PAMP or at Augmont Gold. And you can even take delivery of your gold in the form of Hallmarked Gold Coins given you have a minimum of 1 Gram of Gold in your locker.
Is it Safe to Buy Gold on Paytm?
Yes, it is safe to buy gold on Paytm as the gold bought on Paytm is of the highest quality. And it is supplied by a company that is a joint venture between MMTC, a Government of India Undertaking company and the Swiss bullion brand, PAMP.
You can buy Paytm Digital Gold without any hesitation of getting duped.
Here is a quick view of what you can expect if you are thinking of buying Digital Gold from Paytm.
Can I use the Paytm App for Trading Gold?
Though Paytm provides the finest quality of gold to its buyers, Paytm is not the right platform to trade gold. The price of gold on Paytm includes different taxes and GST as the platform is designed for consumers and not for traders. So Paytm should not be your first option when it comes to trading gold.
You can trade gold in the form of Commodity Trading using a stockbroker who can facilitate buying and selling of commodities in the exchanges. You can use a Discount Broker like Upstox or Espresso to reduce your cost of trading. You can read our Upstox and Espresso Review to know more.
If you want to accumulate gold for a long period of time then Paytm Digital Gold might find a place in your portfolio.
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